financial reflections

As some of you already know, I’ve set some ambitious financial goals for 2006.  But I’ll be honest, I’m not getting where I want to go quite as fast as I want.   I keep pretty good track of where I’m at financially, but I knew something was missing.  Something was keeping me from moving forward quite as fast as I could.  But what?

It hit me as I was doing my monthly budget.  I looked over the spreadsheet I keep all the number for the month and got a little frustrated with what I saw.  I was getting back into the same game of just paying the bills, but not getting ahead financially, at least not as quickly as I know I’m capable of.

What I need are monthly goals. A budget without a financial goal is simply so much bean counting.  And I go to far too much effort to get all those numbers down without having something to show for it.  A budget also works as an analysis tool, which is how I’ve used it so far.  I can look over the numbers and have a pretty good idea of where all that money went.  A better plan is to tell the money where to go, and what tells it where to go is a goal.

So, without further ado, here’s my monthly goals:

1. Pay down over $500 in principle on my credit cards every month - My stretch goal here is $1,000, but I am a realist.  I also know how frustrated I get when I don’t hit those goals.  $500 I can hit.  I’ll have a freaking party if I break $1,000 a month.  I’m on a mission to eliminate my credit card debt.
2. Tires for the SUV - Save $300 per month - I’m way past pulling out the card when I have to get something, so I’m looking ahead on this one.  I’m using my own advice about serene shopping and planning ahead.  Having a flat is no fun.  I’ll have new tires shortly and then get back to the cards.
3. Vacation - I’m taking a “discount” vacation to my mom’s place where the stay is free and most of the food is as well.  I’m also driving there, as plane tickets for the whole family won’t be cheap.  However, it will cost something, especially with gas prices the way they are.  $500 per month through July.

Wow.  That’s $1300 per month for the next three months.  It’s pretty aggressive, but I’m working enough overtime to make it happen.  I have a longer term goal of getting up to $1,000 per month in principle on my cards, after vacation, as well as a plan to save for Christmas.  But those are up in my head, and not on paper (or on a computer screen) like these are.  I’ve found that writing a goal down gives is a much better chance of becoming a reality.

So what are your montly goals?  I don’t expect an answer, because that’s your own business.  But the question should get you thinking, and maybe writing.  Good luck!